Coinbase has added six new tokenized equities to its Base lineup, less than two weeks after the first batch of onchain stock tokens went live. The expansion brings Amazon, Microsoft, Strategy, SanDisk, SpaceX, and Tesla onchain, and it arrives with hard numbers attached: Token Terminal recorded 227.7 million USD in decentralized exchange volume for Coinbase-issued stock tokens over the 30 days before the new listings.
Six new tickers join the first four
The addition of AMZNc, MSFTc, MSTRc, SNDKc, SPCXc and TSLAc expands Coinbase’s tokenized stock range from four assets to ten. The initial rollout on Aug. 24 featured tokens tied to Apple, Alphabet, Meta and Nvidia. The new batch gives eligible investors exposure to five publicly traded companies plus privately held SpaceX, whose SPCXc token is linked to equity interests rather than a listed share.
MSTRc tracks Strategy, the Nasdaq-listed company known for holding Bitcoin on its balance sheet, giving crypto-native traders a way to gain leveraged Bitcoin-treasury exposure through a Base asset. Coinbase had included SpaceX exposure in an earlier international tokenized-share rollout alongside Nvidia, Alphabet and Strategy.
Developers can integrate the assets into trading, lending and other financial products built for the Ethereum layer-2 network, and the tokens can move across supported applications on Base.
How the tokens are structured
The products use Base’s B20 standard and represent beneficial interests in shares held through regulated custody. Coinbase Onchain SPV Ltd., operating from the Abu Dhabi Global Market, issues a matching B20 token against each underlying share or eligible equity interest and holds the assets separately from Coinbase through a custody arrangement.
Coinbase describes each token as a beneficial claim on the corresponding equity rather than a synthetic instrument that only follows its price. Tokenholders are not directly entered on the underlying company’s shareholder register, and US persons remain unable to access the products under the current Regulation S offering.
Alpaca Securities, which is registered with the US Securities and Exchange Commission and is a member of FINRA and the SIPC, acts as broker and custodian for the public equities. Coinbase says the shares sit in segregated, bankruptcy-remote custody.
Volume kept climbing after launch
Token Terminal’s data covers trades executed through decentralized venues rather than transfers between addresses. Daily DEX activity exceeded 33 million USD at its peak, and the growth curve did not flatten after the initial August surge. An earlier Token Terminal update put cumulative volume at 124.8 million USD, with NVDAc alone accounting for 71.6 million USD, or 57 percent of activity at that point. Volume more than 80 percent higher than that milestone accumulated in the weeks that followed.
Separate RWA.xyz figures showed the tokenized-stock sector was already expanding before the new listings. In late August, monthly transfers climbed 415 percent to 29.5 billion USD, while the value of tokenized equities distributed onchain stood near 2.54 billion USD. RWA.xyz also counted roughly 1.3 million monthly active addresses and 2.36 million tokenized stockholders, though wallet totals do not necessarily represent separate people.
DeFi rails around the tokens
Eligible users can hold the stock tokens in self-custodial wallets and trade them outside regular Nasdaq or NYSE hours, including overnight, weekends and US market holidays. That round-the-clock availability has been one of the main selling points of onchain equities, since traditional brokerage accounts lock investors out of price moves that happen while exchanges are closed.
Aerodrome supplies decentralized trading liquidity, while Aave, Morpho and Euler support or plan to support lending and borrowing functions. Other integrations from the first launch include 0x, 1inch, KyberSwap and CoW Swap, with Chainlink providing price data for applications tracking each token’s value.
The setup lets a qualifying holder buy a token on a decentralized exchange and later post it as collateral in a compatible lending market, with access, borrowing limits and liquidation terms set by each protocol.
Risks remain. Prices may separate from the underlying shares when US markets are closed, particularly if onchain liquidity thins out, and Coinbase’s prospectus warns that market interruptions and different trading hours can push a token above or below the equity it represents. Corporate actions also work differently: dividends are generally reinvested in additional underlying shares rather than paid out as cash.
Market snapshot at press time: BTC trades near 79,760 USD, ETH near 2,477 USD and SOL near 103.3 USD, per CoinGecko data.
The real headline is SNDKc flying under the radar here. SanDisk just came back public and now it is tradable onchain before most brokers even have it on watchlists
Nadia Hol sndk spent years buried in the western digital merger mess and now its one of the first ten tickers onchain. weird redemption arc
sandisk of all things making the cut before netflix or disney lol. someone at coinbase has a memory dram nostalgia thing going on
the quiet flex is these trade while nasdaq sleeps. saturday night tslac volume is coming and regular brokers still close at 4pm like its 1995
Reg S means the US crowd watches from the sidelines again while volume builds offshore. worked for the first four tokens, fine until someone asks the SEC
228m in the debut month tells you demand was never the bottleneck, the wrapper was. six more tickers on base and the regulator questions start arriving by post
tokenized equities quietly trading around the weekend schedule is bigger news than the six names themselves. try that with a regular nasdaq listing
227.7M in dex volume the first month for coinbase stock tokens and people still tell me tokenized equities are a niche lol
The SPCXc token is the one that gives me pause. It tracks equity interests in a private company, so the pricing is basically whatever the last internal round says, not a market price.
^ good point on SPCXc. at least AMZNc and TSLAc map to shares that actually trade somewhere
MSTRc is the sneaky one here. a leveraged BTC treasury play wrapped in a stock token on Base, degens are gonna chew that up
already chewing. MSTRc premium to nav is gonna get arbitraged into paste by week two, free money for the bots
margsniper the MSTRc arb window closes fast but the premium never fully dies, there is always someone who wants the leverage without touching a margin account. that residual spread is the real product
227.7M in dex volume off four tokens in month one. now add TSLAc and MSTRc to the mix, those two alone will do numbers
SPCXc is the strange one here. Tokenized exposure to a private company with no public price discovery is basically a synthetic valuation product.
^ this. SPCXc price is whatever the last funding round said, refresh rate: whenever elon raises. thats not price discovery
@arb_spot exactly. people buying SPCXc are underwriting valuation risk with none of the disclosure. last round pricing is an opinion, not a market
exactly, and the refresh problem cuts both ways. when spacex raises at a bigger number every spcxc holder gets a paper pump on zero trading. feels great until the next round comes in lower
exactly. the adgm custody story works for listed shares, but spcxe equity interests get marked by whoever wins the last private round. that price is an opinion, and a stale one
stale private round marks backing a tradable token is the part regulators will chew on first. try redeeming that opinion in a drawdown
came to say this. also eligible investors is doing a lot of heavy lifting, most of us get geoblocked anyway
geoblocked plus beneficial interest instead of an actual share. feels like the product is for everyone except the people asking questions about it
And the SpaceX price only refreshes when a funding round leaks. Half the time that ticker is quoting a number that is months old, which is a strange thing to trade against.
227.7m on four tokens in month one, then they drop tslac and mstrc in batch two. coinbase is speedrunning the degen basket and honestly i respect the pace
respect the pace but 227.7m volume says nothing without the net number. curious how much of that is the same wallets pingponging between base dexes
token terminal counts dex swaps not unique wallets so yeah some of it is washy. still, four tickers doing 227m in month one beats most l2 perps that had years
spcxe is the part nobody mentions. you cant short a private mark, so the degen basket ships with exactly one token you can only long lmao
spacex exposure without accredited investor status is quietly the biggest deal in this batch
until they fix weekend gap risk and redemption arb this stays a cool demo with thin liquidity. amznc spreads were rough
228M volume in month one for tokens tracking stocks you can already buy elsewhere is decent validation of the demand at least